tax liability

If the IRS forgives your tax debt, is that considered TAXABLE INCOME under the tax code, thereby giving rise to MORE TAX LIABILITY? Do you really have to pay MORE taxes if the IRS settles your tax debt for less than you owe through an offer in compromise? In this episode, I answer these questions, showing you what the IRS says about this issue...and why!

Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

⬇️ Free E-Book:
- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...

We are diving into the mail bag for this episode. Email and letters from those who need answers involving navigating personal finances as a Tech Executive.  

Amy will answer a variety of questions like how much should one save for retirement and how to minimize tax liability while maximizing income and benefits. And she’ll discuss in some detail the importance of planning for retirement early on in your career.

Contact Amy and her team at  503-610-6510. Or at Thimbleberry Financial HERE.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

There are over 1.5 million nonprofit organizations in the United States representing 5.7% of our economy. However, the U.S. boasts about 15% of the world’s nonprofits. Why do people start nonprofits? Is it for the greater good, attention-seeking behavior, or something different?

On the latest episode of Cautious Coffee, DeRae and Austin discuss the issue of people wanting to start nonprofits without fully understanding themselves or the world around them. While the allure of gaining influence and becoming important can take over – and what was initially prioritized can take a back seat – the show breaks down social impact motivations and the tradeoffs involved.

ABOUT CAUTIOUS COFFEE

Cautious Coffee is a forum for candid, often uncomfortable conversations. Hosted by Austin Staton and DeRae Crane, each episode brings you unscripted and unfiltered commentary on key issues that are impacting our country and culture. Tune in as we seek empowerment, not power; as we meet people where they are; and most importantly, as we strive to be better humans. 

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ABOUT CAUTIOUS COFFEE

Cautious Coffee is a forum for candid, often uncomfortable conversations. Hosted by Austin Staton and DeRae Crane, each episode brings you unscripted and unfiltered commentary on key issues that are impacting our country and culture. Tune in as we seek empowerment, not power; as we meet people where they are; and most importantly, as we strive to be better humans. 

FOLLOW US ON SOCIAL MEDIA
🎟 Patreon
👕 Merch
🎬 Facebook
📸 Instagram
📥 LinkedIn
🎥 YouTube
🐦 Twitter

SUBSCRIBE TO OUR PODCAST
🎙 Apple Podcasts
🎙 Spotify
💻 Website

Build your plan toward financial freedom and security as we share valuable insights into achieving success in the real estate industry with today’s guest, Susan Geist. Be sure to tune in and learn how Rising Femme Wealth can help you make smarter investment choices to take your investing career to greater levels!

Key Takeaways to Listen for

• Importance of having different streams of income
• Applicable tips to starting your real estate investment journey
• How real estate investing can take you beyond your W2 job
• Investment-related strategies to minimize your tax liabilities
• Rising Femme Wealth: Who they are and how they empower female investors

Resources Mentioned in This Episode

• Die With Zero by Bill Perkins | Kindle and Paperback
• Free Apartment Syndication Due Diligence Checklist for Passive Investor 

About Susan Geist

Susan grew up in a lower-class family in rural Appalachia. As a child, she watched women in her life suffer at the hands of damaging people and situations because they had no financial means to escape, so she vowed to attain financial security for herself.  Today, her current multi-million-dollar investment portfolio consists of long-term rental properties, short-term vacation rentals, and limited commercial real estate partnerships, which bring in 6-figures annually in passive income. 

Through her company, Rising Femme Wealth, LLC, Susan provides investment coaching and workshops on financial education to empower other women with the strategies and confidence to grow their wealth, reduce their tax bills, and achieve financial independence. In her spare time, she enjoys traveling with her husband.

Connect with Susan
Website: Rising Femme Wealth

To Connect With Us
Please visit our website: www.bonavestcapital.com and please click here, to leave a rating and review!

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• How cost segregation works
• The power of bonus depreciation
• Property types that are eligible for a cost segregation
•  A high-level overview of the CSSI’s process
•  Why it’s vital to find balance in your career and lifestyle

Resources/Links Mentioned In This Episode

• Cost Segregation Services Incorporated
• Internal Revenue Service

About Mark Gross

Mark is a National Account Executive at CSSI and utilizes his analytical and management skills to provide real estate owners with solutions to defer their tax liabilities. Before coming on board with CSSI, Mark held management positions in large manufacturing companies and a retail chain, overseeing supply chain operations and overall management functions. Through his past expertise, he has assisted building owners in reducing their taxes, increasing cash flow, and staying in compliance. Mark enjoys spending time with friends and family, hitting the links, traveling, and doing genealogical research in his spare time.

Connect with Mark

• Phone: 630-329-9801
• Email: markgross@costsegregationservices.com

Connect With Impact Wealth Builders

If you are ready to take massive action and build TRUE wealth, schedule a call with Saket Jain and learn more about partnering with us.

Follow Our Social Media Pages!

• Facebook: Migrate 2 Wealth
• LinkedIn: Saket Jain
• Instagram: @migrate2wealth
• Twitter: @Migrate2Wealth
• YouTube: Migrate 2 Wealth
• TikTok: @migrate2wealth

Many elders who need support with their activities of daily living want to remain in their homes as long as possible.  How can caregivers be hired and paid in compliance with the law?  What do California trust and estate lawyers need to know to advise their clients?

Our guest Bob King provides an overview of the tricky employment and tax laws that apply to in home caregivers in California.  A caregiver who works a long shift cannot be paid a straight hourly wage “off the books.”  Under the Domestic Worker Bill of Rights, even when caregivers meet the definition of “personal attendant,” they are entitled to overtime if they work more than nine hours in a day or 40 hours per week.

Bob explains how parenting his daughter led him into this practice area and why caregiving for elders often carries greater potential liability than caregiving for children.  Indeed, elders who directly employ caregivers without following the rules may find themselves facing hefty wage and hour claims as well as federal and state tax liability.  When the elder passes, the lingering liability can complicate the administration of the elder’s estate and/or trust.

 About Our Guest:

Attorney Bob King created and operates Legally Nanny®, an employment law firm located in Orange County that represents home care and nanny agencies as well as household employers.    A graduate of University of Chicago Law School, Bob has served on the Boards of Directors of the Home Care Association of America and the International Nanny Association.  He was also the General Counsel for the Association of Premier Nanny Agencies.

 About Our Host:

Jeffrey Galvin is a partner at Downey Brand LLP based in Sacramento.  He litigates trust and estate disputes around Northern California, representing trustees and beneficiaries.  His cases often involve contested administrations of trusts and estates.  Jeff created and edits the blog Trust on Trial, which covers California trust and estate litigation.  He is a member the Executive Committee of the Trusts and Estates Section of the California Lawyers Association.

TRUST ME is produced by Foley Marra Studios.

Thank you for listening to Trust Me!

Trust Me is Produced by Foley Marra Studios
Edited by Todd Gajdusek

One of the first pieces of advice many pro athletes hear, regardless of the sport, is that they should set up an LLC or corporation although the reasons given for doing this can range anywhere on the spectrum of the plausible to absurd. Our job here at the PGA Players’ Podcast is to demystify the amateur advice and instead provide the professional advice you deserve.

There are certainly advantages to making this move for the right athlete. Specifically, having an LLC set up can help protect you from unforeseen liabilities and can also help you avoid or reduce some of your taxes.

Join Aaron Goldberg, CFP®, and business partner and AWM Capital co-founder Erik Averill, CFP®, CPWA®, CKA® as they discuss this topic and more including:

• The two main advantages to setting up an LLC (1:05)
• How the PGA is different than other sports like MLB or NFL (2:03)
• The importance of protecting against liabilities (3:03)
• Piercing the corporate veil (5:01)
• 1099 vs W2 income (6:47)
• “From the tax point of view, this is where golfers are so unique compared to other athletes.”
• When it can be beneficial to not be taxed as an S corp (9:03)
• Ongoing tax planning: It’s all about your financial structure (9:28)
• Name, Image, Likeness: The important steps for college golfers, agents, and family members (10:15)
• Advanced planning (11:18)
• Keeping income in the household, lowering tax liability (12:53)
• 401k or Roth 401k: Why you need a personalized, customized solution (13:31)

It's tax season again and so it is time to get the ball rolling on the taxes for your business. With planning and preparation being a challenge, tax professionals can be a lifesaver. They will help you understand how changes in tax laws affect your business, ensure that your business complies with tax regulations, and maintain a good relationship with the IRS.

In today’s episode of the Expert(ish) podcast, Jay talks with Ann Marie about tax planning. She will speak about the factors to consider when filing estimated tax payments, the benefits of working with a tax professional, and what investors can expect when preparing their estimated tax payments.

Enjoy!

If you are looking for an inexpensive and super convenient healthcare option, check out SkillMil Telehealth Services. It's a program that works well as a supplement to VA health care.

Simply click on telehealth services on their website, fill out the basic info, and use the referral code Expert(ish) Podcast in the dropdown menu to get started.

In Today's Episode

4:08 - Factors to consider when filing an estimated tax payment

8:01 - What makes someone a real estate professional

14:33 - The benefits of working with a tax professional

19:10 - How investors should prepare for their first tax year

24:57 - Why the first tax year is very important

36:02 -Tax write-offs for investment property purchases

Favorite Quotes

"Tax planning is very important, especially this time of the year. Just get organized and now is the time. The holidays are going to hit and they're going to be like, 'oh it's Thanksgiving, I'll do it after. All of a sudden it's January and your estimated tax payments, the last one, midnight January 15th, and then you're scrambling and you're ripping your hair out. So just start now. You don't have to do it overnight. Just start hitting your ducks in a row, essentially." - Ann Marie

"For your first tax year with your investment property, get your expenses deductions and your books. If you come to a person who's doing your taxes with a hodgepodge of a mess, you're going to get charged a lot more. Know what's going on." - Ann Marie

"The three main topics that get audited - car, meals, and marketing. They don't want someone just throwing in a  number." - Ann Marie

"The first tax year is very important because you're going to understand its growing pains. There's going to be some mistakes, but then you learn and you grow." - Ann Marie

Engage with Ann Marie

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Connect with Expert(ish) Podcast Host JAY JOHNSON

Call (858) 925- 4536

Website

LinkedIn

Facebook

Instagram

Listen to more episodes of the Expert(ish) Podcast

iTunes

Spotify

One of the first pieces of advice many pro athletes hear, regardless of the sport, is that they should set up an LLC or corporation although the reasons given for doing this can range anywhere on the spectrum of the plausible to absurd. Our job here at the PGA Players’ Podcast is to demystify the amateur advice and instead provide the professional advice you deserve.

There are certainly advantages to making this move for the right athlete. Specifically, having an LLC set up can help protect you from unforeseen liabilities and can also help you avoid or reduce some of your taxes.

Join Aaron Goldberg, CFP®, and business partner and AWM Capital co-founder Erik Averill, CFP®, CPWA®, CKA® as they discuss this topic and more including:

• The two main advantages to setting up an LLC (1:05)
• How the PGA is different than other sports like MLB or NFL (2:03)
• The importance of protecting against liabilities (3:03)
• Piercing the corporate veil (5:01)
• 1099 vs W2 income (6:47)
• “From the tax point of view, this is where golfers are so unique compared to other athletes.”
• When it can be beneficial to not be taxed as an S corp (9:03)
• Ongoing tax planning: It’s all about your financial structure (9:28)
• Name, Image, Likeness: The important steps for college golfers, agents, and family members (10:15)
• Advanced planning (11:18)
• Keeping income in the household, lowering tax liability (12:53)
• 401k or Roth 401k: Why you need a personalized, customized solution (13:31)

In this episode of ‘Open House with Team Reba’ radio show, Reba and Eric welcome Jonathan Frizell to discuss “cost segregation”, where you can save tons of money in depreciation expense. Cost segregation is by far the most cost effective way to lower your federal tax liability.